Bitcoin

With the majority of assets in the <a href="https://finbold.com/category/cryptocurrency-news/" rel="noopener noreferrer nofollow">cryptocurrency market</a> opening the week on a <a href="https://finbold.com/guide/bear-market-definition/" rel="noopener noreferrer nofollow">bearish</a> note, Bitcoin (<a href="https://finbold.com/cryptocurrency/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>) is no exception, dropping below the critical psychological level of $27,000. However, optimism still remains as the flagship <a href="https://finbold.com/cryptocurrencies/" rel="noopener noreferrer nofollow">cryptocurrency</a> closed another week above the 200-week moving average (<a href="https://finbold.com/guide/moving-average/" rel="noopener noreferrer nofollow">MA</a>).Indeed, <a href="https://finbold.com/topic/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> has made another weekly close above the 200 MA, and the <a href="https://finbold.com/guides/cryptocurrency/" rel="noopener noreferrer nofollow">crypto</a> analyst CryptoJelleNL sees it as a <a href="https://finbold.com/guide/bull-market-definition/" rel="noopener noreferrer nofollow">bullish</a> sign despite the current setback, indicating that it “feels like it’s a matter of time until <a href="https://finbold.com/topic/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> finally breaks that $30k level once and for all,” in a <a href="https://twitter.com/CryptoJelleNL/status/1665617353596346368" rel="noopener noreferrer nofollow">tweet</a> shared on June 5.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/9a33642d60d84a93914fb7410c18b4a0.png" />Bitcoin price action analysis. Source: <a href="https://twitter.com/CryptoJelleNL/status/1665617353596346368" rel="noopener noreferrer nofollow">CryptoJelleNL</a>That said, Bloomberg senior <a href="https://finbold.com/guide/what-are-commodities/" rel="noopener noreferrer nofollow">commodity</a> strategist Mike McGlone has earlier <a href="https://finbold.com/june-crypto-outlook-the-worst-is-not-over-for-bitcoin/#" rel="noopener noreferrer nofollow">stated</a> that more pain could await the flagship decentralized finance (<a href="https://finbold.com/guide/liquidity-mining-definition/" rel="noopener noreferrer nofollow">DeFi</a>) asset, which, alongside other cryptos, is potentially facing its first United States <a href="https://finbold.com/guide/recession/" rel="noopener noreferrer nofollow">recession</a>, <a href="https://finbold.com/category/stocks-news/" rel="noopener noreferrer nofollow">stock</a> bear market, and central <a href="https://finbold.com/category/banking-news/" rel="noopener noreferrer nofollow">bank</a> scrutiny.<h2 id="header-0">Bitcoin price analysis</h2>At press time, Bitcoin was changing hands at the price of $26,683, down 1.96% in the last 24 hours and 4.40% across the previous seven days, adding up to the loss of 8.89% on its monthly chart, as the latest data retrieved by Finbold on June 5 indicates.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/aa42040793f540688a2289df2047bbf0.png" />Bitcoin 24-hour price chart. Source: <a href="https://finbold.com/cryptocurrency/bitcoin/" rel="noopener noreferrer nofollow">Finbold</a>With its most recent price decline, Bitcoin has failed to invalidate the bearish <a href="https://finbold.com/guide/head-and-shoulders/" rel="noopener noreferrer nofollow">head and shoulders</a> pattern, as it broke below the area between $26,920 and $27,500, where it needed to remain for a successful retest, according to the <a href="https://finbold.com/bitcoin-battles-downtrend-can-it-retest-key-channel-and-retake-28000/" rel="noopener noreferrer nofollow">observations</a> by crypto analyst Rekt Capital shared by Finbold on June 2.Earlier, crypto expert Altcoin Sherpa had <a href="https://finbold.com/bitcoin-could-blitz-down-to-23k-leading-btc-expert-insights/" rel="noopener noreferrer nofollow">noted</a> that Bitcoin could drop to as low as $23,000, referring to multiple technical analysis (<a href="https://finbold.com/guide/technical-analysis/" rel="noopener noreferrer nofollow">TA</a>) indicators, including the 200-week exponential moving average (EMA), 200-day EMA, <a href="https://finbold.com/guide/support-and-resistance/" rel="noopener noreferrer nofollow">support and resistance</a> levels, as well as the 0.382 ratio <a href="https://finbold.com/guide/fibonacci-retracement/" rel="noopener noreferrer nofollow">Fibonacci</a> level.Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.Read more cryptocurrency news on <a href="https://finbold.com/category/cryptocurrency-news/?utm_source&#61;CMC&amp;utm_medium&#61;social&amp;utm_campaign&#61;CMC&amp;utm_content&#61;long" rel="noopener noreferrer nofollow">Finbold.com</a>

Bitcoin $30k ‘a matter of time’ as BTC closes another week above 200 MA

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